State Guides
What brokers and loan officers should know about closings and property rules in Rhode Island, and how Hancock Processing works your files there.
Rhode Island uses both. Attorneys and title companies conduct closings, and the Rhode Island Supreme Court has held that a title insurance company or its agent may conduct a residential closing in connection with the title insurance it issues, with a written disclosure notice when the closer isn't an attorney.
No. Rhode Island is not a community property state, and it abolished dower and curtesy in 1978. Under Rhode Island's homestead law, a mortgage signed by all the owners comes ahead of the homestead without the signature of a spouse who isn't an owner, and a lender may not require or record a homestead release.
Yes. Under the Rhode Island Home Loan Protection Act, a lender or loan broker may not refinance a borrower's home loan made within the prior 60 months unless the new loan gives the borrower a reasonable, tangible net benefit. Banks, credit unions and other regulated financial institutions are exempt from the Act.
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Rhode Island
All of them. We process every loan type we offer in Rhode Island, including conventional, FHA, VA, USDA, jumbo, Non-QM and DSCR loans, from Providence and Warwick to Newport and South County.
Yes. We process loans statewide in Rhode Island and coordinate with the title company or attorney handling each closing.
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